Tax Planning

Mitigating Income Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT)

Whether you are a non-taxpayer, basic rate taxpayer, or higher rate taxpayer, there could be ways to improve your income by ensuring you are making use of all available allowances and investments to your advantage.

The management of your investments on an ongoing basis is just as important as the initial advice. Capital gains tax can eat into your profits if you leave your investments for long periods and do not make use of the annual allowances available. We provide annual reviews to all of our investment clients to ensure that your investments remain suitable for your requirements and circumstances, as well as managing the portfolio, to make use of the annual CGT Allowances where necessary.

There are a number of ways to effectively reduce inheritance tax with planning during your lifetime. The first thing to do is seek advice from a lawyer specialising in wills and estate planning to ensure that your estate passes in accordance with your wishes and the appropriate use of trusts may be used where necessary.

Lifetime gifting can provide valuable benefits if carried out over a number of years with use of all available exemptions as well as potentially exempt gifts, which fall out of the estate after seven years.

It may be then useful to consider certain investments to help mitigate inheritance tax or a life assurance policy to cover any IHT liability on death so that your beneficiaries do not have to forgo their inheritance to pay tax.